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Terms in this set (83)
____defines the nature of the company's business in terms of how it will match its internal strengths and weaknesses with its external opportunities and threats in order to maintain a competitive position
Strategic planning
___involves setting objectives, making forecasts, reviewing alternative courses of actions, evaluating options and implementing the plan
The management planning process
What is the first step in the basic planning process?
Setting an objective
Which of the following is not part of the basic managerial planning
Building corporate hierarchies
Which term indicates the course of action for getting from where you are to where you want to be?
Plan
What is the company's plan for how it will match its internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage?
Strategic plan
A course of action that a firm can pursue to achieve its strategic aims is known as
strategy
Strategic management is best defined as the process of identifying and executing the organizations strategic plan by matching the company's capabilities with it
Environmental demands
All of the following are steps involved in the strategic management process except
Offshoring low-skill jobs
What is the first step in the strategic management process
Asking, "Where are we now as a business?"
Which of the following is a simple guide used to compile relevant information about a company's environment including economic, competitive, and political trends that may affect a firm?
Environmental scan worksheet
John wants to perform external and internal audits as part of the strategic management process. What is a frequently used tool to organize relevant information on positive and negative aspects of the company and environment?
SWOT
Which of the following provides a summary of a firms intended direction and shows, in broad terms "what we want to become"?
Vision statement
The sales director at WebMd is calculating annual sales revenue targets and the number of new medical related content providers that the firm needs to maintain competitive advantage. In which step of the strategic management process is the sales director involved
Choosing specific strategies or course of action
The _____ of the California Energy Commission indicates that the organization assess and acts through public and private partnerships to improve energy systems that promote a strong economy and a healthy environment
Mission statement
Goals are initiated by the bottom level of an organization according to the hierarchy of
goals
approach to strategic planning.
False
Steps in the basic management planning process include setting objectives, reviewing alternative courses of action, and evaluating which options are best.
True
Strategy is a course of action.
True
A mission statement is a general statement of a company's intended direction that evokes emotional feelings in the organizational members
False
A vision statement is broader and more future oriented than a mission statement
True
Strategic management focuses more on translating a mission into goals than on the function last of organizing, staffing, and controlling
True
Why is strategic planning important to managers? Explain the importance of setting hierarchical goals
Strategic planning is important to managers because the goals from the top and going downward should form an unbroken chain of goals. The goals at each level should guide what everyone does. If each level of Manager and staff from various departments do what they are supposed to regarding achieving their goal, ultimately the success of those goals will aid in the success of the company.
What is strategic management?
The process of identifying and executing the organizations mission by matching the organizations capabilities with the demands of its environment
What is the first step in strategic management?
Define the company's current business and mission (where are we now)
What is the second step in Strategic Management?
Managers audit or study both the external environment of the firm and its internal strengths and weaknesses. Tools that can be used during this step is the environmental scanning worksheet or the SWOT chart
What is the third step in the strategic management process
Develop vision and mission statemeng
What is the fourth step in strategic management?
Translate the desired new direction into strategic goals
What is step 5 in the strategic management process?
The Manager chooses Strategies —- courses of actions — that will enable the company to achieve its strategic goals
What is the 6th step in the strategic management process?
Strategy execution
What is the seventh step in the strategic management orocess
Evaluate the results
Explain the difference between a firm's vision and its mission. How might these impact the actions of an organization
A vision statement is future oriented. It's a general statement on what the firm would like to become. A mission statement is present oriented. Mission statement indicates what a company is doing right now
A company's _____ strategy identifies the portfolio of businesses that comprise a firm and the ways in which these businesses relate to each other
Corporate level
A diversification corporate strategy implies a firm will
Expand by adding new product lines
Harley-Davidson sells a line of boots helmets, and leather jacket indicating that the firm is pursuing which of the following strategies
diversification
When apple opened its own Apple stores, this was an example of
Concentration
Winchester Rugs operates a website called www.buyrufsdirect.com, so Winchester rugs is most likely using a strategy of
vertical integration
Which of the following activities most likely indicates that a firm is implementing a vertical integration strategy
producing raw materials
What is the primary reason that mergers and acquisitions fail
Personnel
Critical human resource tasks during mergers and acquisitions
include all the following
EXCEPT:
Enforcing current rules
All of the following are services that human resource consulting companies provide during mergers and acquisitions except
Overseeing database recovery systems
Lauren is identifying what each department in her company must do to help the business
accomplish its strategic goals. These are known as ________ strategies.
functional
Consolidation keeps the company's strategy up to date by assessing progress toward strategic goals and taking corrective action as needed.
False
Managers engage in three levels of strategic planning
True
Cost leadership, differentiation, and focus strategies are types of corporate level strategies
False
A vertical integration strategy means that a firm will expand by adding new product lines
False
McDonald's addressed its lagging profitability by first closing stores operating below guidelines. Mc Donald's used a consolidation strategy
True
A business level strategy is implemented by Pizza Hut, Domino's, Papa John's and Little Caesar's in their completion with each other for pizza customers
True
______ is a strategic planning tool that shows how each department performance contributes to achieve the company's overall strategic goal
A strategy map
Formulating and executing human resource policies and practices that produce the employee competencies and behaviors a company needs to achieve its strategic aims is known as ________.
strategic human resource management
The primary purpose of strategic human resource management is to
integrate a company's strategic plan with its human resource strategies
In order to generate the desired workforce skills, competencies and behavior that a firm needs to achieve its strategic goals, human resource management first develop
Strategic plans
A company's ____ strategy identifies how to build and strengthen the business's long term competitive position in the marketplace
competitive
Which of the following refers to any factors that allow a company to differentiate aits product or service from those of its competitors to increase market share
Competitive advantage
A company's business level strategy identifies the
ways to strengthen a firm's long-term competitive position in the marketplace
Companies like Ferrari are knwn as ____ because they carve out a market niche and compete by providing a product that customers can attain in no other way
focusers
Which of the following strategies identifies the broad activities that each department will pursue in order to help a business attain its competitive goals
functional
A firms functional strategies identify the broad activities that each ____ will do in order to help the business accomplist its strategic goals
department
John wants his shoe store to adopt the strategy of having the lowest prices on shoes in town. John is adopting which competitive strategy
cost leadership
John is a manager is looking at HR scorecard data through a _____which presents the manager with desktop graphs and charts, showing a computerized picture of how the company is doing on all the metrics from the HR scorecard process.
A) digital dashboard
59) Which of the following is the final step in the strategic human resource management process!
The manager asks, "Specifically what recruitment, selection, training, and other HR policies and practices should we put in place so as to produce the required employee skills and behaviors?"
Human resource strategies are the ______ used to support a firms strategic goals
Policies and practices
The _______is the process for assigning financial and nofinancial goals or metric to the human resource management related strategy map chain of activities required for achieving the company's strategic aims
HR score card
Which of the following us a strategic planning tool that offers an overview of how each department performance contributes to achieving thr company's overall strategic goals?
Strategy map
Which of the following refers to a process for assigning financial and non financial goals to the HR management related chain of activities required for achieving the company's strategic aims and for monitoring results?
HR scorecard
A ________ presents a manager with desktop graphs and charts that illustrate where the
company stands on metrics from the HR scorecard process.
Digital dashboard
The concise measurement system used by companies to show the quantitative standards the firm uses to measure HR activities, employee behaviors resulting
from the activities, and the
strategically relevant organizational outcomes of those employee behaviors is called a(n) ________.
HR scorecard
Which of the following is used to manage employee performance and to align all employees with the key objectives a firm needs to achieve its strategic goals
HR scorecard
Strategic human resource management means formulating and executing HR systems that produce the employee competencies and behaviors a firm needs to achieve its strategic aims
True
The specific human resource policies and practices used to support a firms strategic goals are known as human resource strategies
True
He scorecards present managers with desktop graphs and charts of how a firms hr strategies compare to those of other firms in the same industry
False
Strategy maps help managers link the company's strategic plan with departmental activities
True
Which of the following terms refers to the quantitative measure of a human resource s management yardstick such as employee turnover or qualified applicant per person
Human resource metrics
The use of human resource metrics is essential for ________.
evidence-based management
Which of the following terms refer to the process of comparing and analyzing the practices of one firm with those of a high performing company
Benchmarking
Which of the following refers to an analysis by which an organization measures where it currently stands and determines what it has to accomplish to improve its HR functions
He audit
All of the following are commonly addressed in HR except
Accounting expenses
Which term refers to software applications used to analyze and draw conclusions from Hr data
Talent analytics
Which of the following questions would least likely be answered by the use of workforce analytics software
What hiring policies are standard in the industry?
An HR manager conducting an HR audit on compensation would most likely search for
________.
Compliance with state and federal laws
Like the scientific method, evidence-based HR management should have all of the following
characteristics EXCEPT
________.
subjectivity
What tools might be best used to assess recruitment effectiveness
Computerized applicant tracking system
Human resource metrics are used to assess a firms HR performance and go compare firms HR performance with that of another firm (t/f)
True
The 2008 announcement by Starbucks that it would be closing approximately 600 of its stores suggests the firm was using a ______ strategy
consolidation
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